S.L. 378.10 Art. 3BPowers and duties of the MFSA.

(1) It shall be the duty of the MFSA to carry out the functions and duties prescribed by these regulations and any Credit

Intermediaries’ Rules issued thereunder and to ensure that creditors and credit intermediaries carrying out their activities in Malta comply with these regulations and any directives and Credit Intermediaries’ Rules made or issued thereunder, and with the conditions of their admission:

Provided that in pursuance of that duty the MFSA shall at all times afford such co-operation to the Director General, as the Director General may require in the discharge of its duties.

(2) The MFSA shall monitor the activities of creditors and credit intermediaries so as to assess compliance with the requirements of these regulations and any Credit Intermediaries’ Rules issued thereunder.

(3) The MFSA may issue Credit Intermediaries’ Rules in order to better carry out and to better implement the provisions of these regulations and for the purpose of implementing any guidelines, recommendations and decisions issued by the EBA in terms of Regulation (EU) No. 1093/2010.

(4) Credit Intermediaries’ Rules shall be binding on credit intermediaries and others as may be specified therein.

(5) Credit Intermediaries’ Rules and any amendment or revocation thereof shall be officially communicated to credit intermediaries and the MFSA shall make copies thereof available to the public.

(6) Without prejudice to any of the powers conferred by these regulations, the MFSA may, whenever it deems necessary, give, by notice in writing, such directives as it may deem appropriate in the circumstances in order to carry out the functions and duties prescribed by these regulations or any Credit Intermediaries’ Rules issued thereunder:

Provided that the power to give directives under this sub-regulation shall include the power to vary, alter, add to or withdraw any directive, as well as the power to issue new or further directives.

(7) Any person to whom a notice is given in accordance with sub-regulation (6) shall obey, comply with and otherwise give effect to any such directive within the time and in the manner stated in the directive.

(8) Where the MFSA is satisfied that the circumstances so warrant, it may at any time make public any directive it has given under the provisions of this regulation.

(9) In the event of reasonable doubt as to whether credit intermediation activities in terms of the definition "credit intermediary" in regulation 2 are or are not being transacted in or from Malta by any person, the matter shall be conclusively determined by the MFSA.